Contributing Experts

Richard Gill

Economic Analyst

A recognized authority in the field of economics and Professor of
Economics at Harvard, where he held teaching and administrative positions
over a span of 22 years. His “Economics I” became the largest
elective course in the history of Harvard College, where he also served
as Assistant Dean. He authored 11 books, many of which have been
adopted nationwide as texts for the study of economics. In addition to his
Harvard career, he spent fifteen years as an opera singer with the New
York Opera, the Metropolitan Opera, the New York Philharmonic, and other
companies. His academic achievements and on-stage talent led to his
becoming the economic analyst for Economics U$A in the original and
updated versions of the series, currently revised as Economics U$A:
21st Century Edition. Dr. Gill earned his undergraduate degree
and Ph.D. in Economics from Harvard University.

Nariman Behravesh

Chief Economist

Director of economic forecasting and Chief Economist of IHS Global
Insight, responsible for developing the economic outlook and risk
analysis for the United States, Europe, Japan, China, and other emerging
markets. He oversees the work of more than 400 professionals who
cover economic, financial, and political developments in 200 countries in
North America, Europe, Asia, Latin America, the Middle East, and
Africa.

As IHS’s chief economics spokesperson, he is quoted
extensively in the media on the outlook for the U.S. and global
economies, oil prices, exchange rates, the budget deficit, the trade
deficit, globalization, country risk, and emerging markets crises.
He is also cited frequently in leading business publications, including
the Wall Street Journal, the New York Times, the
Financial Times, USA Today, Investor’s Business Daily, Business
Week, Newsweek, Fortune, Forbes, and U.S. News and World
Report.

Behravesh regularly appears on national radio and television
programs, including BBC World Business Report, NBC Nightly News, CNN
Headline News, The PBS News Hour, Fox News, CNBC, Bloomberg TV and Radio,
and All Things Considered and Market Place on National
Public Radio. His op-ed pieces have appeared in the
Financial Times, Newsweek International, and the London
Times.

Behravesh is the host of the Annenberg series Inside the Global
Economy and shares responsibility
with Richard Gill as series analyst on this 21st-Century Edition of
Economics U$A. He also serves as content director for the
series as well as co-author of the telecourse textbook, Economics
U$A. In addition to his recent book, Spin-Free Economics: A
No-Nonsense, Nonpartisan Guide to Today’s Global Economic Debates, he
has co-authored Microcomputers, Corporate Planning and Decision
Support Systems. In addition, he has taught at the Wharton
School of Business and the University of Pennsylvania, and he joined
Wharton Econometrics in the mid-1980s. Dr. Behravesh holds a B.Sc.
from the Massachusetts Institute of Technology, and an M.A. and Ph.D. in
Economics from the University of Pennsylvania.

David Schoumacher

Television Journalist

A prominent newspaper and television journalist for CBS and ABC
News, where he worked alongside broadcast luminaries Walter Cronkite and
Dan Rather, covering the Vietnam War, the Watergate trials, the U.S.
Space Program, and other key events. Previously, he worked in radio
and as lead anchor at WJLA-TV 7 in Washington, D.C. He now owns
and manages a radio station in Rehoboth Beach, Delaware. Since 1985,
he has collaborated with EFC Film and Video as lead journalist on three
television series, including: the New York Times series Live
From the Past; the Annenberg/Learner series Inside the Global
Economy; and Economics U$A in the original and revised versions
of the series, currently updated as Economics U$A: 21st Century
Edition.

Unit 1

Kenneth Jackson

Jacques Barzun Professor in History and the Social Sciences at
Columbia University, specializing in urban, social, and military history.
Previously, he served as an Assistant Professor for the Air Force
Institute of Technology at Wright-Patterson Air Force Base. He has also
served as President of the Urban History Association, the Society of
American Historians, the Organization of American Historians, and the New
York Historical Society. His published works include: American
Vistas, Cities in American History, and Crabgrass Frontier: The
Suburbanization of the United States. Dr. Jackson received his B.A.
from the University of Memphis and M.A. and Ph.D. from the University of
Chicago.

Scott Boras

Owner and President of the Boras Corporation, a sports agency that
represents many of the highest-profile players in professional baseball.
He has brokered record-setting contracts since 1982 and many of his
clients, including Carlos Beltrán, Matt Holliday, Daisuke Matsuzaka,
Magglio Ordóñez, Manny Ramirez, Stephen Strasburg, Mark Teixeira, Jayson
Werth, and Barry Zito, are among the highest paid in the game. Mr. Boras
received his B.A. from the University of the Pacific and L.L.B. from the
McGeorge School of Law.

Robert W. Crandall

Senior Fellow in the Economic Studies Program of the Brookings
Institution, specializing in telecommunications and cable television
regulation, the effects of trade policy, environmental policy, and the
changing regional structure of the U.S. economy. He is also Chairman of
Criterion Economics. He has taught economics at Northwestern University,
MIT, the University of Maryland, and George Washington University, and at the
Stanford in Washington program. Prior to assuming his current position at
Brookings, he served as Deputy Director for the Council on Wage and Price
Stability. Dr. Crandall received his M.S. and Ph.D. in Economics from
Northwestern University.

Unit 2

Raymond Burnett, Jr.

Retired Studebaker executive and a member of the Board of Trustees
of the Studebaker National Museum. Born in 1928, he remembers that his
grandfather, father, and brother all worked at Studebaker, and that he
worked up through the ranks as a laborer and then salaried personnel,
rising to National Sales Manager of the Studebaker Corporation. His
recollections express the pride in workmanship of “a family working
together” and capture the pathos and grief of the company’s workers as
Studebaker failed and closed its doors.

Jackie Flamm

Partner/Publisher at PrintPOD, Inc., which develops products for
worldwide delivery over the Internet and in print. Formerly, she taught
English as a Second Language at the American Language Institute in
Washington, D.C.; was Director of English Language Learning at Euroschools
of Italy; and was ESL Editorial Director at Regent’s Publishing
International and at the American Book Company. She also served as
Language Consultant to Children’s Television Workshop, helping to create
"Sesame English" for markets in Japan and China. She is author of The
English Advantage. Ms. Flamm received her B.A. from Syracuse
University.

Michael Aslett

Partner/Publisher at PrintPOD Inc., which uses the Internet and
print-on-demand distribution to further the development of desktop
publishing. Formerly, he was Development Director at the Daily
Mirror in London and a partner in Colour Workshop, producing
illustrated book content in color. With Kodak, he developed pre-press
production methods, which allowed national daily newspapers to print in
color. Mr. Aslett is a graduate of the London School of Printing.

Unit 3

James Schlesinger

Secretary of Defense under Presidents Richard Nixon and Gerald
Ford, and the first U.S. Secretary of Energy, under President Jimmy
Carter. While Secretary of Defense, he opposed amnesty for draft
resisters and pressed for development of more sophisticated nuclear weapon
systems. Additionally, his support for the A-10 and the lightweight
fighter program (later the F-16) helped ensure that they were carried to
completion. Between 1955 and 1963, he taught economics at the University
of Virginia and in 1960 published The Political Economy of National
Security. He also worked at the Rand Corporation as Director of
Strategic Studies. Dr. Schlesinger received his B.A., M.A., and Ph.D. in
Economics at Harvard University.

Brenda Gall

Financial Analyst and First Vice President at Merrill Lynch and
Company, specializing in the textiles and the apparel industry. In 1996,
she tied for the number one analyst spot in the Textile and Apparel
Industry. She has been interviewed and quoted by many fashion and New
York magazines regarding her opinions on the fashion trade.

Unit 4

Wayne Rasmussen

Chief Historian at the U.S. Department of Agriculture in the 1980s.
Born on a farm in Rygate, Montana, he became a surveyor for the General
Land Office and an accountant for the Corps of Engineers. He moved east
in search of advanced education and work, finding both in Washington, D.C.,
where he became the Dean of Agricultural Historians and served eleven
Secretaries of Agriculture over a fifty-year period. He was author of
A History of the Emergency Farm Labor Supply Program, 1943–47. Dr.
Rasmussen received his B.A. from the University of Montana and M.A. and
Ph.D. from George Washington University.

Brian Riedl

Budget Analyst and Grover M. Hermann Fellow in Budgetary Affairs at
the Heritage Foundation, specializing in interpreting, explaining, and
reforming federal budget policy. His writings exposed the beginnings of a
federal spending spree that was pushing federal spending to dangerous
limits; his budget research has been featured in front-page stories and
editorials in the New York Times, the Wall Street Journal, the
Washington Post, and the Los Angeles Times. He has discussed
budget policy on the major networks, and he participates in the bipartisan
“Fiscal Wake-Up Tour” of town hall meetings that focuses on the crisis in
Social Security, Medicare, and Medicaid. Before joining Heritage, he
worked for former Wisconsin Governor Tommy Thompson, former Representative
Mark Green (R-WI), and the Speaker of the Wisconsin Assembly. Mr. Riedl
received his B.A. from the University of Wisconsin and his M.A. in Public
Affairs from Princeton University.

Unit 5

John Kenneth Galbraith

Economist known as the leading proponent of 20th-century political
liberalism, and a prolific author who produced four dozen books and more
than a thousand articles, including the popular trilogy American
Capitalism, The Affluent Society, and The New Industrial State.
He taught at Harvard University for many years, taking leaves to serve in
the presidential administrations of Franklin D. Roosevelt, Harry S.
Truman, John F. Kennedy, and Lyndon B. Johnson. He also served as United
States Ambassador to India under President Kennedy. Due to his prodigious
literary output, he was arguably the best-known economist in the world
during his lifetime and one of a select few people to be twice awarded the
Presidential Medal of Freedom. Dr. Galbraith received his B.A. from the
University of Toronto and M.A. and Ph.D. in Agricultural Economics from
the University of California, Berkeley.

Herbert Stein

Senior fellow at the American Enterprise Institute and Chairman of
the Council of Economic Advisers under presidents Richard Nixon and Gerald
Ford. From 1974 to 1984, he was the A. Willis Robertson Professor of
Economics at the University of Virginia, where he formulated “Herbert
Stein’s Law”; this stated, “If something cannot go on forever, it will
stop,” meaning that if a trend cannot go on forever, there is no need for
action or a program to make it stop; it will stop of its own accord. This
notion gave him the reputation of being a pragmatic conservative, jokingly
referred to as a “liberal’s conservative and a conservative’s liberal.”
He was author of The Fiscal Revolution in America and was on the
board of contributors of the Wall Street Journal. Dr. Stein
received his B.A. from Williams College and Ph.D. in Economics from the
University of Chicago.

Unit 6

David Boies

Prominent attorney involved in many high-profile cases, including
United States v. Microsoft, during which Bill Gates said that Boies
was “out to destroy Microsoft” but the Washington Monthly called
him “a latter-day Clarence Darrow.” He also represented Vice President Al
Gore in Bush v. Gore; defended CBS in an action brought by General
William Westmoreland; defended Napster when the company was sued for
copyright infringement; and is representing filmmaker Michael Moore
regarding a Treasury Department investigation into Moore’s trip to Cuba
while filming for Sicko. Earlier, he was Chief Counsel and Staff
Director of the United States Senate Antitrust Subcommittee and served as
Chief Counsel and Staff Director of the United States Senate Judiciary
Committee. Mr. Boies received his B.S. from Northwestern University and
L.L.B. from the Yale Law School.

Henry Geller

Telecommunications attorney and law professor specializing in
United States communications policy-making and regulation. He worked at
the Federal Communications Commission (FCC) at several intervals from 1949
until 1973, serving as General Counsel and then as Assistant to FCC
Chairman Dean Burch. He later served as Administrator of the National
Telecommunications and Information Administration during the Carter
presidency. He proposed that funds raised from spectrum auctions be
dedicated to the development of public broadcasting services, much like
the traditional British model of public support for national programming.
His contributions to national telecommunications policy led to the
National Civil Service Award in 1970. In retirement, he has served as a
telecommunications adviser for nongovernmental organizations, including
Duke University’s Washington Center for Public Policy Research, the Rand
Corporation, and the Markle Foundation. Mr. Geller received his B.S. from
the University of Michigan and J.D. from Northwestern Law School.

Unit 7

Alfred Kahn

Chairman of the Civil Aeronautics Board during the period when it
ended its regulation of the airline industry, paving the way for low-cost
airlines from People Express to Southwest Airlines. Generally considered
a liberal Democrat, his strong advocacy of deregulation stemmed from his
economist’s understanding of marginal-cost theory. Earlier, he taught
economics at Cornell University, where he served as Chairman of the
Department of Economics, a member of the Cornell Board of Trustees, and
Dean of the College of Arts and Sciences. Dr. Kahn received his B.A. from
New York University and Ph.D. in Economics from Yale University.

Leo Ribufo

Distinguished Professor of History at George Washington University
and Visiting Professor at Fudan University in China. He also held the
Organization of American Historians/American Studies Association residency
in Japan and was a specialist abroad for the United States Information
Agency in Nigeria and the Republic of Korea. Before moving to George
Washington University, he taught at Yale University and Bucknell
University. Dr. Ribufo received his B.A. from Rutgers University and
Ph.D. in American Studies at Yale University.

Unit 8

William Ruckelshaus

The U.S. Environmental Protection Agency’s first Administrator when
the agency was formed by President Richard M. Nixon in 1970.
Subsequently, he was acting Director of the Federal Bureau of
Investigation and Deputy Attorney General of the United States, and he served a
second term as EPA Administrator, 1983–1985. Previously, he was Assistant
Attorney General in charge of the Civil Division for the U.S. Department
of Justice, Deputy Attorney General of Indiana, and Counsel to the Indiana
Stream Pollution Control Board, where he obtained court orders prohibiting
industries and municipalities from polluting of the state’s water supply.
He also helped draft the 1961 Indiana Air Pollution Control Act, the
state’s first attempt to reduce that problem. Mr. Ruckelshaus received
his B.A. from Princeton University and L.L.B. from Harvard Law School.

Eric Pooley

Award-winning journalist and expert in the area of pollution and
the environment. He was a feature writer, political columnist, and Senior
Editor for New York magazine, later working at Time as its White
House Correspondent, Chief Political Correspondent, and National Editor.
In 2008, he studied press coverage of climate change issues at Harvard’s
Kennedy School of Government and has written about climate change politics
for Time, Slate, Bloomberg News, and other publications. He is the
author of The Climate War and Deputy Editor of Bloomberg
BusinessWeek. Mr. Pooley received his B.A. from Brown University.

Unit 9

Leon Stein

Union advocate, organizer in the International Ladies' Garment
Workers' Union (ILGWU), and author who wrote about that union’s history.
He began working at age sixteen as a cloth spreader in a garment shop,
where he joined the ILGWU. After graduating from college, he returned to
the garment industry as a cutter and in 1941 became a full-time union
organizer. He contributed articles to Justice, the newspaper of
the ILGWU, and became editor in 1952. Mr. Stein’s books include The
Triangle Fire (about the fire at the Triangle Shirtwaist Company that
took the lives of 146 people) and Out of the Sweatshop, a
documentary history of the ILGWU. He received his B.A. from the City
University of New York.

Douglas Fraser

A leader in the U.S. trade union movement, where he rose to the
highest ranks of the United Auto Workers (UAW). He began his career as a
teenage worker in a machine shop, then became a skilled metal finisher in
a Chrysler DeSoto factory where he joined the UAW and was twice fired for
his union beliefs and activities. He was elected President of the UAW
Local 227, in 1943. After WWII, he climbed through the UAW ranks, as an
international representative, a negotiator during a 104-day strike at
Chrysler, and Administrative Assistant to UAW President Walter Reuther.
Later, he became Co-Director of UAW Region 1A, Member-at-Large of the
international UAW Board of Directors, Director of the UAW’s Chrysler,
Skilled Trades and Technical Office and Professional Departments, and
Vice-President of the UAW.

Jack Barbash

Educator and an architect of the 1955 merger of a divided trade
union movement into the AFL-CIO. He was the John P. Bascom Professor
Emeritus of Economics and Industrial Relations at the University of
Wisconsin, where he taught for 24 years. A prolific author, he wrote,
edited, or contributed to books chronicling the labor movement and the
history of economic thought. He held positions in the federal government,
labor movement, and academia, serving in the U.S. Office of Education,
Department of Labor, and on the National Labor Relations Board. He also
served as Research and Education Director for the Amalgamated Meat Cutters
Union and for the American Federation of Labor–Congress of Industrial
Organizations (AFL-CIO) Industrial Union. Mr. Barbash received his B.A.
and M.A. from New York University.

Peter Van Doren

Senior Fellow at the Cato Institute, Editor of the quarterly
journal Regulation, and expert in the regulation of housing, land,
energy, the environment, transportation, and labor. He has taught at the
Woodrow Wilson School of Public and International Affairs at Princeton
University, the Yale School of Organization and Management, and the
University of North Carolina at Chapel Hill. His writing has been
published in the Wall Street Journal, the Washington Post,
Journal of Commerce, and the New York Post. He has also
appeared on CNN, CNBC, Fox News Channel, and Voice of America. Dr. Van
Doren received his B.A. from the Massachusetts Institute of Technology
and M.A. and Ph.D. from Yale University.

Unit 10

Laurence Levitan

Senator in the Maryland Legislature for nearly twenty years,
specializing in fiscal affairs and government operations. He chaired the
Budget and Taxation Committee for fifteen years, chaired the Fiscal
Affairs and Government Operations Committee, and served on many other
committees, including: Pensions, Spending and Affordability, Joint
Committee on Income Tax Reform, Rules, Legislative Policy, Joint Budget
and Audit, Joint Committee on Management of Public Funds, Special Joint
Committee on Legislative Data Systems, and Fiscal Affairs and Oversight.
Mr. Levitan received his B.S. from Washington and Lee University and J.D.
from George Washington Law School.

Ian Spatz

Public policy expert and Senior Advisor in the national health care
practices of Manatt, Phelps & Phillips and Manatt Health Solutions,
where he provides insights into health-reform efforts. He develops
strategies affecting health-care providers and insurers, pharmaceuticals,
consumers, and U.S. healthcare initiatives, as well as federal and state
development and implementation of communication and advocacy efforts. He
worked for 15 years at Merck & Co., one of the world’s leading
research-based pharmaceutical and vaccine companies. As Merck’s Vice
President for Global Health Policy, he directed U.S. policy and
represented Merck before Congress, the Administration, and the media. Mr.
Spatz received his B.A. from Brandeis University, J.D. from New York
University, and M.P.P. from the Woodrow Wilson School of Public and
International Affairs.

Steve Jobs

American business magnate, inventor, and Co-Founder and Chief
Executive Officer of Apple Computer. In the late 1970s, Jobs, in
association with Apple Co-Founder Steve Wozniak, Mike Markkula, and
others, designed, developed, and marketed one of the first commercially
successful lines of personal computers, the Apple II series. In the early
1980s, he was among the first to see the commercial potential of the
mouse-driven graphical user interface, which led to the creation of the
Macintosh computer. During high school in Cupertino, California, he
frequented after-school lectures at the Hewlett-Packard Company in Palo
Alto, California, where he was soon hired, and he worked with Steve Wozniak as a
summer employee. In 1972, Jobs enrolled at Reed College in Portland,
Oregon, then dropped out to pursue his entrepreneurial activities.

Stephen Wozniak

Computer engineer and Co-Founder of Apple Computer, Inc., where his
inventions and machines contributed significantly to the personal computer
revolution of the 1970s; he created the Apple I and Apple II computers.
Wozniak received the National Medal of Technology in 1985 (along with
Steve Jobs), was inducted into the National Inventors Hall of Fame, and in
2001 was awarded the 7th Annual Heinz Award for Technology, the Economy,
and Employment. Wozniak has been given honorary degrees by the University
of Colorado at Boulder, Kettering University, North Carolina State
University, and Nova Southeastern University. Mr. Wozniak studied
engineering at the University of California, Berkeley, then dropped out to
take a job at Hewlett Packard.

Unit 11

Wilbur Cohen

Social scientist expert on the welfare state and a key player in
the creation of New Deal and Great Society programs. He began as a
research assistant during the drafting of the Social Security Act and rose
to become Director of the Bureau of Research and Statistics in charge of
program development and legislative coordination with Congress for the
Social Security Board. In 1956, he became Professor of Public Welfare
Administration at the University of Michigan, until President John F.
Kennedy appointed him Assistant Secretary for Legislation of Health,
Education, and Welfare. President Lyndon B. Johnson elevated him to Under
Secretary in 1965, then to U.S. Secretary of Health, Education, and
Welfare, in 1968. Years later, his name would be synonymous with the
creation of Medicare. Mr. Cohen received his B.A. from the University of
Wisconsin.

Ron Haskins

Co-Director of the Center on Children and Families at the Brookings
Institution and Senior Advisor to President George W. Bush for Welfare
Policy. Previously, he spent 14 years on the staff of the House Ways and
Means Human Resources Subcommittee, as Welfare Counsel and Staff Director.
Earlier, he did research at the Child Development Center at the
University of North Carolina (UNC), Chapel Hill; taught history and education at
UNC, Charlotte; and taught developmental psychology at Duke University.
He was editor of the Green Book, a compendium of
the nation's social programs; editor of The Future of Children, a
journal on policy issues that affect children and families; and co-editor
of several books on welfare and education. Dr. Haskins received his B.A.,
M.A. in Education, and Ph.D. in Developmental Psychology at UNC, Chapel
Hill.

Alan Weil

Executive Director of the National Academy for State Health Policy
and former Director of the Urban Institute’s “Assessing the New
Federalism” project. He held a cabinet position as Executive Director of
the Colorado Department of Health Care Policy and Financing, was health
policy adviser to Colorado Governor Roy Romer, and was Assistant General
Counsel in the Massachusetts Department of Medical Security. He is
co-editor of two books, author of many articles in peer-reviewed journals,
and member of the editorial boards of Health Affairs, the Institute
of Medicine’s Board on Health Care Services, the Commonwealth Fund’s
Commission on a High Performance Health System, and the Kaiser Commission
on Medicaid and the Uninsured. Mr. Weil received his B.A. from the
University of California at Berkeley, M.A. in Public Policy from the John
F. Kennedy School of Government, and J.D. from Harvard Law School.

Peter Wallison

Arthur F. Burns Fellow in Financial Policy Studies at the American
Enterprise Institute (AEI) and Co-Director of AEI’s program on financial
policy studies, specializing in banking, insurance, and securities
regulation. Earlier, as General Counsel of the U.S. Treasury Department,
he had a significant role in developing proposals for the deregulation of
the financial services industry. He also served as White House Counsel to
President Ronald Reagan. His books include: Ronald Reagan: The Power
of Conviction and the Success of His Presidency; Competitive Equity: A
Better Way to Organize Mutual Funds; Privatizing Fannie Mae, Freddie Mac
and the Federal Home Loan Banks; The GAAP Gap: Corporate Disclosure in the
Internet Age; and Optional Federal Chartering and Regulation of
Insurance Companies. Mr. Wallison attended the Capitol Page School
and received his B.A. from Harvard University and L.L.B. from Harvard Law
School.

Unit 12

Jay Forrester

Pioneer computer engineer and “systems” scientist, regarded as the
founder of “system dynamics.” His engineering focused on studies of
organizational policy, using computer simulations to analyze social
systems and predict the implications of different models. At the
Massachusetts Institute of Technology (MIT), he founded the Digital
Computer Laboratory, where he invented the magnetic core random-access
memory (RAM) used in digital computers. He also developed a system that
tracked five fundamental quantities: population, pollution, food
production, industrialization, and consumption of resources. In 1956, he
became Professor Emeritus and Senior Lecturer at MIT’s Sloan School of
Management. He received the National Medal of Technology and was
inducted into the Operational Research Hall of Fame. Mr. Forrester
received his undergraduate degree from the Engineering College at the
University of Nebraska.

Henry C. Wallich

Member of President Dwight D. Eisenhower’s Council of Economic
Advisers, 1959–1961, and a Governor of the Federal Reserve System,
1974–1986. Beginning in 1933, he worked at an exporting firm in
Argentina, a bank in Chile, and a securities firm on Wall Street. He
later became a Professor of Economics at Yale University, an economic
columnist for Newsweek magazine, and a Senior Consultant for the U.S.
Treasury Department. Dr. Wallich received his B.A. from New York
University and M.A. and Ph.D. in Economics from Harvard University.

Rob Atkinson

Founder and President of the Information Technology and Innovation
Foundation (ITIF), a policy think tank. He is author of the State New
Economy Index series and The Past and Future of America’s Economy:
Long Waves of Innovation that Power Cycles of Growth. He has
conducted ground-breaking research on technology and innovation, is a
valued adviser to state and national policy makers, and is a popular
speaker on innovation policy. Before founding ITIF, he was Vice President
of the Progressive Policy Institute and Director of its Technology and
New Economy Project, writing policy papers on broadband
telecommunications, Internet telephony, universal service, e-commerce,
e-government, privacy, and off-shoring. Dr. Atkinson received his Ph.D.
in City and Regional Planning from the University of North Carolina.

Unit 13

William Jennings Randolph

U.S. Congressman from West Virginia, 1933–1947, and U.S. Senator,
1958–1985, where he was Chair of several committees and achieved note
for sponsoring an amendment to the Constitution that would grant citizens
between 18 and 21 the right to vote. In 1970, after eleven different
sponsorships from Randolph, amendments to the Voting Rights Act lowered
the voting age to 18 in both local and national elections. Prior to
serving in Congress, he was the Associate Editor of the West Virginia
Review at Charleston, West Virginia, and head of the department of public
speaking and journalism at Davis and Elkins College. Between his House
and Senate terms, he served as Dean of the college’s School of Business
Administration. Mr. Randolph graduated from Salem Academy in 1920 and
Salem College in 1922.

Henry Aaron

Senior Fellow of Economic Studies at the Brookings Institution and
noted health-care expert, focusing on financial reform of Medicare,
Medicaid, Social Security, and tax and budget policy. Previously, he
taught at the University of Maryland, served as Assistant Secretary for
Planning and Evaluation at the Department of Health, Education, and
Welfare, and chaired the 1979 Advisory Council on Social Security. He is
a member of the Institute of Medicine, the American Academy of Arts and
Sciences, the Advisory Committee of the Stanford Institute for Economic
Policy Research, and the Visiting Committee of the Harvard Medical School, and he
serves on the Board of Directors of Abt Associates and the Center on
Budget and Policy Priorities. He has been Vice President of the American
Economic Association and President of the Association of Public Policy and
Management. Dr. Aaron received his B.A. from U.C.L.A. and Ph.D. in
Economics from Harvard University.

Wilbur Cohen

Social scientist expert on the welfare state and key player in the
creation of New Deal and Great Society programs. He began as a research
assistant during the drafting of the Social Security Act and rose to
become Director of the Bureau of Research and Statistics in charge of
program development and legislative coordination with Congress for the
Social Security Board. In 1956, he became Professor of Public Welfare
Administration at the University of Michigan, until President John F.
Kennedy appointed him Assistant Secretary for Legislation of Health,
Education, and Welfare. President Lyndon B. Johnson elevated him to Under
Secretary in 1965, then to U.S. Secretary of Health, Education, and
Welfare, in 1968. Years later, his name would be synonymous with the
creation of Medicare. Mr. Cohen received his B.A. from the University of
Wisconsin.

Peter Van Doren

Senior Fellow at the Cato Institute, Editor of the quarterly
journal Regulation, and expert in the regulation of housing, land, energy,
the environment, transportation, and labor. He has taught at the Woodrow
Wilson School of Public and International Affairs at Princeton University,
the Yale School of Organization and Management, and the University of
North Carolina at Chapel Hill. His writing has been published in the
Wall Street Journal, the Washington Post, Journal of Commerce, and
the New York Post. He has also appeared on CNN, CNBC, Fox News
Channel, and Voice of America. Dr. Van Doren received his B.A. from the
Massachusetts Institute of Technology and M.A. and Ph.D. from Yale
University.

Peter Wallison

Arthur F. Burns Fellow in Financial Policy Studies at the American
Enterprise Institute (AEI) and Co-Director of AEI’s program on financial
policy studies, specializing in banking, insurance, and securities
regulation. Earlier, as General Counsel of the U.S. Treasury Department,
he had a significant role in developing proposals for the deregulation of
the financial services industry. He also served as White House Counsel to
President Ronald Reagan. His books include: Ronald Reagan: The Power
of Conviction and the Success of His Presidency; Competitive Equity: A
Better Way to Organize Mutual Funds; Privatizing Fannie Mae, Freddie Mac
and the Federal Home Loan Banks; The GAAP Gap: Corporate Disclosure in the
Internet Age; and Optional Federal Chartering and Regulation of
Insurance Companies. Mr. Wallison attended the Capitol Page School
and received his B.A. from Harvard University and L.L.B. from Harvard Law
School.

Unit 14

Leon Keyserling

Economist and lawyer who drafted major pieces of New Deal
legislation and served as head of the Council of Economic Advisers under
President Harry S. Truman. From 1933 to 1946, he was an attorney for the
Agricultural Adjustment Administration, a consultant to the Senate on
social, economic, industrial, and financial issues, legislative assistant
to Democratic New York Senator Robert F. Wagner, and General Counsel to
the U.S. Housing Authority, Federal Public Housing Authority, and National
Housing Agency. He helped draft many New Deal initiatives, including the
National Industrial Recovery Act, the Social Security Act, and the
National Labor Relations Act. Mr. Keyserling received his B.A. from
Columbia University and L.L.B. from Harvard Law School, and he did graduate work
in economics at Columbia University.

Douglas Scott

Policy Director for the Campaign for America’s Wilderness, and
Conservation Director and Associate Executive Director for the Sierra Club
for 17 years. Formerly, he managed a local environmental group in the San
Juan Islands of Washington State, worked at The Wilderness Society, and
was involved in the enactment of the Eastern Wilderness Areas Act (1975),
The Endangered American Wilderness Act (1978), the Frank Church-River of
No Return Wilderness (Idaho, 1980), the Alaska National Interest Lands
Conservation Act (1980), and the California Desert Protection Act.

Eric Frumin

Director of Occupational Safety and Health for UNITE HERE, a union
representing garment, textile, laundry, hotel, and restaurant workers. He
was also the health and safety coordinator for Change to Win. He is a
leading national trade union spokesperson on issues of job safety, health,
and disability, including OSHA standard setting and enforcement and
surveillance of occupational disease and injury.

Robert Nathan

Economist and lawyer, renowned for his work during the Depression
and World War II and for his ability to explain complex economic theories
in plain language. He was among the first economists to apply economic
theories directly from within the marketplace rather than from academia.
He spent a good part of the Depression gathering unemployment statistics,
which gave him a keen insight into the free enterprise system. Heavily
involved in U.S. industrial mobilization during World War II, he was
appointed Chair of the War Production Board’s planning committee in 1942.
After the war, he started a consultancy firm called Robert R. Nathan
Associates. Mr. Nathan received his B.A. and M.A. from the Wharton
School at the University of Pennsylvania and L.L.B. from Georgetown
University.

Unit 15

Carol Carson

Director of the Statistics Department of the International Monetary
Fund, 1996–2004, and earlier Director of the Bureau of Economic Analysis
(BEA) of the U.S. Department of Commerce. At Commerce, she had also
served as Deputy Director, Chief Economist, and Editor-in-Chief of the
Survey of Current Business. She also held positions at the Federal
Reserve Bank of New York and the National Planning Association, and as expert
for the revision of the United Nations System of National Accounts. She
has taught economic accounting, most recently at George Washington
University. Dr. Carson received her B.A. from the College of Wooster,
M.A. from the Fletcher School of Law and Diplomacy, and Ph.D. from George
Washington University.

John Kendrick

Chief Economist for the U.S. Department of Commerce, 1976–1977. He
came to Washington in 1941 to work for the National Resources Planning
Board and, in 1946, joined the Commerce Department’s Bureau of Economic
Analysis. One of his earliest assignments was to study how to “deflate”
(find the true inflation-adjusted estimates of) the U.S. Gross National
Product (GNP), the nation’s total output of goods and services. He was
also the U.S. representative for meetings of the European Economic
Community in Geneva and the Organization for Economic Co-operation and
Development in Paris. Dr. Kendrick received his B.A. and M.A. in
Economics from the University of North Carolina and Ph.D. in Economics
from George Washington University.

Robert Nathan

Economist and lawyer, renowned for his work during the Depression
and World War II and for his ability to explain complex economic theories
in plain language. He was among the first economists to apply economic
theories directly from within the marketplace rather than from academia.
He spent a good part of the Depression gathering unemployment statistics,
which gave him a keen insight into the free enterprise system. Heavily
involved in U.S. industrial mobilization during World War II, he was
appointed Chair of the War Production Board’s planning committee in 1942.
After the war, he started a consultancy firm called Robert R. Nathan
Associates. Mr. Nathan received his B.A. and M.A. from the Wharton
School at the University of Pennsylvania and L.L.B. from Georgetown
University.

Nigel Gault

Chief U.S. Economist at IHS Global Insight, responsible for
overseeing IHS's macroeconomic forecasts and analyses of the U.S.
economy. His expertise includes short-term and long-term economic
outlooks, government economic policies, the Federal Reserve, monetary
policy, trade, labor, and consumer-market issues. He has more than 20
years of experience in economic analysis and forecasting. Dr. Gault
received his M.A. in Economics from Cambridge University and Ph.D. in
Economics from Harvard University.

Gaylord Nelson

Wisconsin Governor, 1959–1963, and U.S. Senator, 1963–1981,
specializing in the environment and small business. He traveled on the
Conservation Tour with President John F. Kennedy and was the principal
founder of Earth Day. While chairman of the Senate Small Business
Committee, he led successful efforts to authorize the first modern White
House Conference on Small Business, created the system of Small Business
Development Centers at U.S. universities, and improved the way that
federal agencies regulate small businesses through the Regulatory
Flexibility Act. Before he ran for Governor, he served in World War II, practiced
law in Wisconsin, and served three terms in the Wisconsin State Senate.
Senator Nelson received his B.A. from San Jose State College and J.D. from
the University of Wisconsin.

Unit 16

Paul Samuelson

First American economist to win the Nobel Prize in Economics, cited
for doing “more than any other contemporary economist to raise the level
of scientific analysis in economic theory.” Economic historian Randall E.
Parker called him the “Father of Modern Economics” and the New York Times
considered him the “foremost academic economist of the 20th century.” He
spent his academic career at Massachusetts Institute of Technology (MIT),
where he was awarded MIT’s highest faculty honor, and where he wrote the
largest-selling economics textbook of all time: Economics: An Introductory
Analysis. He served as an adviser to Presidents John F. Kennedy and
Lyndon B. Johnson, and to the United States Treasury, the Bureau of the
Budget, and the President’s Council of Economic Advisers. Dr. Samuelson
received his B.A. from the University of Chicago and Ph.D. in Economics
from Harvard University.

Robert Heilbroner

Economist who regarded himself as a social theorist, integrating
disciplines of history, economics, and philosophy. During World War II, he worked
at the Office of Price Control under economist John Kenneth Galbraith.
After the war, he became a research fellow, then Norman Thomas Professor
of Economics at the New School for Social Research. He authored
Worldly Philosophers, as well as Economics, the
second-best-selling economics textbook of all time. The seventh edition
of Economics, published in 1999, included a new final chapter
entitled “The End of Worldly Philosophy?” in which he gave a grim view on
the current state of economics as well as a hopeful vision for a “reborn
worldly philosophy” that incorporated capitalism. Dr. Heilbroner received
his B.A. from Harvard University and Ph.D. in Economics from the New
School for Social Research.

Willard Thorp

Economist who served as adviser in domestic and foreign affairs for
presidents Franklin D. Roosevelt, Harry S. Truman, and Dwight D.
Eisenhower. He helped draft the Marshall Plan and was prominent in
business and education. He served as Assistant Secretary of State under
Truman for Economic Affairs, 1946–1952. He also served on the U.S.
delegation at the Paris Peace Conference of 1946, as a participant in the
New York meeting of the Council of Foreign Ministers, and as American
representative to the United Nations General Assembly, 1947–1948. Prior
to 1946, he worked at the National Bureau of Economic Research, where he
compiled centralized data that led to the 1926 publication of Business
Annals, a book of economic statistics for 17 countries dating back to
1890. Dr. Thorp received his B.A. from Amherst College, M.A. from the University
of Michigan, and Ph.D. in Economics from Columbia University.

Douglas Elliot

Fellow at the Brookings Institution, specializing in the regulation
of financial institutions and markets. A financial institutions
investment banker for two decades, principally at J.P. Morgan, he was the
founder and principal researcher for the Center on Federal Financial
Institutions. He has researched financial institutions or worked directly
with them as clients in a range of capacities, including as an equities
analyst, credit analyst, mergers and acquisitions specialist,
relationship officer, and specialist in securitizations. His work
encompasses banks, insurers, funds management firms, and other financial
institutions. Mr. Elliott received an A.B. in Sociology from Harvard
College and an M.A. in Computer Science from Duke University.

Dimitri B. Papadimitriou

Economist and expert on the works of 20th-century economist Hyman
P. Minsky, whose alternative theories for why the U.S. economy has periodic
booms and busts have gained 21st-century recognition. Papadimitriou has
been the Executive Vice President and Provost, Jerome Levy Professor of
Economics, and President of the Levy Economics Institute at Bard College.
His published works include: Financial Conditions and Macroeconomic
Performance: Essays in Honor of Hyman P. Minsky; Hyman P. Minsky’s Induced
Investment and Business Cycles; Hyman P. Minsky’s Stabilizing an Unstable
Economy; and Hyman P. Minsky’s John Maynard Keynes. Dr.
Papadimitriou received his B.A. from Columbia University and Ph.D. in
Economics from the New School for Social Research.

Unit 17

John Kenneth Galbraith

Economist known as the leading proponent of 20th-century political
liberalism, and a prolific author who produced four dozen books and more
than a thousand articles, including the popular trilogy American
Capitalism, The Affluent Society, and The New Industrial State.
He taught at Harvard University for many years, taking leaves to serve in
the presidential administrations of Franklin D. Roosevelt, Harry S.
Truman, John F. Kennedy, and Lyndon B. Johnson. He also served as United
States Ambassador to India under President Kennedy. Due to his prodigious
literary output, he was arguably the best-known economist in the world
during his lifetime and one of a select few people to be twice awarded the
Presidential Medal of Freedom. Dr. Galbraith received his B.A. from the
University of Toronto and M.A. and Ph.D. in Agricultural Economics from
the University of California, Berkeley.

Eric Sevareid

Prominent broadcast journalist best known for his work at CBS where
he served as Chief of the Washington Bureau, 1946–1954. During World War
II, he broadcast the fall of Paris to the Germans, then joined the
legendary Edward R. Murrow in London, where he reported on the Battle of
Britain throughout the war. He worked extensively for CBS News on
television in the years following the war, and he became one of the early
critics of Senator Joseph McCarthy’s anti-Communism tactics. Mr. Sevareid
received his B.A. from the University of Minnesota.

Lorie Tarshis

Canadian economist credited with writing the first introductory
textbook on Keynesian thinking, The Elements of Economics, in 1947. Yet,
because his text was discredited by Senator Joseph McCarthy as sympathetic
to communism, it was Paul Samuelson’s book that brought the Keynesian
revolution to the United States. He began his academic career as an
instructor at Tufts University. During World War II, he worked for the War
Production Board and became a battlefield operations analyst for the Army
Air Forces. After the war, he taught at Stanford, where he became Chair
of the Department of Economics. Later, he taught at the University of
Toronto and remained there until he retired. Dr. Tarshis received his
B.A. from the University of Toronto and M.A. and Ph.D. in Economics from
Trinity College, Cambridge.

Walter Salant

Economist noted for his work on John Maynard Keynes. In 1933, he
attended Keynes’ lectures at Cambridge University, two years before
Keynes’ publication of The General Theory of Employment, Interest and
Money, the treatise that argued that industrialized economies, then
mired in depression, were unlikely to recover on their own but could use
government spending and tax cuts to do so. Salant later joined the fiscal
policy seminar at Harvard that trained economists in the Keynesian
foundation. During the Depression he served in the Treasury Department,
the Securities and Exchange Commission, and the Commerce Department. During
World War II, he served with the Office of Price Administration and other agencies
that designed strategies for price controls. He was a senior staff member
on the President’s Council of Economic Advisers, 1946–1952. Mr. Salant
received his B.A. from Harvard University.

Unit 18

John Kenneth Galbraith

Economist known as the leading proponent of 20th-century political
liberalism, and a prolific author who produced four dozen books and more
than a thousand articles, including the popular trilogy American
Capitalism, The Affluent Society, and The New Industrial State. He
taught at Harvard University for many years, taking leaves to serve in the
presidential administrations of Franklin D. Roosevelt, Harry S. Truman,
John F. Kennedy, and Lyndon B. Johnson. He also served as United States
Ambassador to India under President Kennedy. Due to his prodigious
literary output, he was arguably the best-known economist in the world
during his lifetime and one of a select few people to be twice awarded the
Presidential Medal of Freedom. Dr. Galbraith received his B.A. from the
University of Toronto and M.A. and Ph.D. in Agricultural Economics from
the University of California, Berkeley.

Douglas Holtz-Eakin

Currently he is the President of the American Action Forum and a Commissioner on the Congressionally-chartered Financial Crisis Inquiry Commission. Under President George W. Bush, he was Chief Economist for the Council of Economic Advisers and Director
of the Congressional Budget Office. He
taught at Princeton and Columbia Universities, then served as a Senior
Staff Economist on President George H.W. Bush’s Council of Economic
Advisers and as a Faculty Research Fellow and Research Associate at the
National Bureau of Economic Research. He joined the faculty at the
Maxwell School of Citizenship and Public Affairs, becoming Chair of the
Department of Economics, 1997–2001. He is President of DHE Consulting,
LLC, and has served as Director of the Maurice R. Greenberg Center for
Geoeconomic Studies and the Paul A. Volcker Chair in International
Economics at the Council on Foreign Relations, as well as a senior
visiting fellow at the Peterson Institute for International Economics.
Dr. Holtz-Eakin received his B.A. from Denison University and Ph.D. in
Economics from Princeton University.

Walter Heller

Influential American economist of the 1960s and Chairman of
President John F. Kennedy’s Council of Economic Advisers, 1961–1964. He
was a Keynesian who promoted cuts in the marginal federal income tax
rates, which were passed by President Johnson and Congress after Kennedy’s
death and credited for boosting the economy. He developed the first
“voluntary” wage-price guidelines and was one of the first to emphasize
that tax deductions and tax preferences narrowed the income tax base. As
adviser to President Johnson, he convinced the president to adopt a major
economic initiative—the “War on Poverty.” But he resigned when
Johnson escalated the Vietnam War without raising taxes, thus setting the
stage for an inflationary spiral. Before and after government service, he
taught at the University of Minnesota where he became Chair of the
Department of Economics. Mr. Heller received his B.A. from Oberlin
College.

Herbert Stein

Senior fellow at the American Enterprise Institute and Chairman of
the Council of Economic Advisers under presidents Richard Nixon and Gerald
Ford. From 1974 to 1984, he was the A. Willis Robertson Professor of
Economics at the University of Virginia, where he formulated “Herbert
Stein’s Law”; this stated, “If something cannot go on forever, it will
stop,” meaning that if a trend cannot go on forever, there is no need for
action or a program to make it stop; it will stop of its own accord. This
notion gave him the reputation of being a pragmatic conservative, jokingly
referred to as a “liberal’s conservative and a conservative’s liberal.”
He was author of The Fiscal Revolution in America and was on the
board of contributors of the Wall Street Journal. Dr. Stein
received his B.A. from Williams College and Ph.D. in Economics from the
University of Chicago.

Unit 19

Paul McCracken

Chairman of President Richard Nixon’s Council of Economic Advisers (CEA),
now the Edmund Ezra Day Distinguished University Professor Emeritus of
Business Administration, Economics, and Public Policy at the University of
Michigan. He chaired the American Enterprise Institute’s Council of
Academic Advisors and served as interim president of the Institute
in 1986. As Chairman of the CEA, McCracken pursued economic policies of
restraint to curb inflation without increasing unemployment. He opposed a
revival of mandatory wage and price controls, favored by some economists.
He often appeared in conflict with the Federal Reserve respecting monetary
policy, favoring a more liberal policy than the Federal Reserve had been
willing to allow. Dr. McCracken received his B.A. from William Penn
College and his M.A. and Ph.D. in Economics from Harvard University.

Walter Heller

Influential American economist of the 1960s and Chairman of
President John F. Kennedy’s Council of Economic Advisers, 1961–1964. He
was a Keynesian who promoted cuts in the marginal federal income tax
rates, which were passed by President Johnson and Congress after Kennedy’s
death and credited for boosting the economy. He developed the first
“voluntary” wage-price guidelines and was one of the first to emphasize
that tax deductions and tax preferences narrowed the income tax base. As
adviser to President Johnson, he convinced the president to adopt a major
economic initiative—the “War on Poverty.” But he resigned when
Johnson escalated the Vietnam War without raising taxes, thus setting the
stage for an inflationary spiral. Before and after government service, he
taught at the University of Minnesota where he became Chair of the
Department of Economics. Mr. Heller received his B.A. from Oberlin
College.

Victor Gotbaum

American labor leader who was President of AFSCME District Council
37 (DC37), the largest municipal union in New York City, from 1965 to 1987.
Under Gotbaum’s leadership, DC37 successfully organized thousands of
municipal hospital workers and helped create New York City’s Office of
Collective Bargaining. During the New York City bankruptcy crisis in the
mid-1970s, Gotbaum and DC37 agreed to major collective bargaining
concessions, which set a pattern that forced other municipal unions to do
the same. He fought in World War II, attended Brooklyn College and the
School of International and Public Affairs at Columbia University, and
took his first union job as assistant director of the Amalgamated Meat
Cutters in Chicago, in 1955.

Unit 20

Henry Kaufman

President of Henry Kaufman & Company Inc., which specializes in
financial and economic counseling as well as investment management. For
26 years preceding the creation of his company, he was Managing Director
for Salomon Brothers, Inc., where he made a name for himself predicting
the rise and fall of bond prices. Before joining Salomon Brothers, he
served as an economist at the Federal Reserve Bank of New York. In 1995,
he joined Lehman Brothers Holdings, Inc., serving as Chairman of the
Finance Committee before the firm went bankrupt in 2008. He has also been
a Director of the Federal Home Loan Mortgage Corp. and Freddie Mac. Dr.
Kaufman received his B.A. from New York University, M.S. from Columbia
University, and Ph.D. in Banking and Finance from the New York University
Graduate School of Business Administration.

Steven Pearlstein

Pulitzer Prize–winning journalist and business and economics
columnist for the Washington Post, cited for “his insightful
columns that explore the nation’s complex economic ills with masterful
clarity.” Earlier, he worked for two newspapers in New Hampshire, then
joined U.S. Senator John Durkin’s administrative staff, and worked for the
Senate and House of Representatives for several years. He held a brief
stint as a television reporter before returning to print, founding the
critically acclaimed Boston Observer. When the Observer lost its
funding, he worked for Inc. magazine before joining the
Washington Post. In 2009, he garnered controversy for a column he
published lambasting Republican politicians for blocking new health-care
legislation. Mr. Pearlstein received his B.A. from Trinity College in
1973.

Karen Petrou

Co-founder and Managing Partner of Federal Financial Analytics,
Inc., a privately held company that provides analytical and advisory
services on legislative, regulatory, and public-policy issues affecting
financial services companies doing business in the U.S. and abroad. She
is a frequent speaker on topics affecting the financial services industry.
In addition to presentations to Congress and government agencies, she has
spoken before the American Bankers Association, the Financial Services
Roundtable, the American Bar Association, the Brookings Institution, the
American Institute of Certified Public Accountants, the National
Association of Manufacturers, and many other groups. She has also
authored many articles in publications such as American Banker, Bankers
Magazine, and International Economy, as well as
general-interest media like the New York Times and the Wall Street
Journal. Ms. Petrou received her B.A. from Wellesley and M.A. in
Political Science from the University of California at Berkeley, where she
was also a doctoral candidate.

Peter Wallison

Arthur F. Burns Fellow in Financial Policy Studies at the American
Enterprise Institute (AEI) and Co-Director of AEI’s program on financial
policy studies, specializing in banking, insurance, and securities
regulation. Earlier, as General Counsel of the U.S. Treasury Department,
he had a significant role in developing proposals for the deregulation of
the financial services industry. He also served as White House Counsel to
President Ronald Reagan. His books include: Ronald Reagan: The Power
of Conviction and the Success of His Presidency; Competitive Equity: A
Better Way to Organize Mutual Funds; Privatizing Fannie Mae, Freddie Mac
and the Federal Home Loan Banks; The GAAP Gap: Corporate Disclosure in the
Internet Age; and Optional Federal Chartering and Regulation of
Insurance Companies. Mr. Wallison attended the Capitol Page School
and received his B.A. from Harvard University and L.L.B. from Harvard Law
School.

Unit 21

Andrew Brimmer

Economist and expert on the world banking system, specializing in
foreign debt obligations of Third World countries. He served as Assistant
Secretary of Economic Affairs in the U.S. Department of Commerce, under
President John F. Kennedy, and in 1966 President Lyndon B. Johnson
appointed him to an eight-year year term on the Board of Governors of the
Federal Reserve System, the first African American to serve. Later, he
taught at Harvard University, formed his own consulting company, Brimmer
& Co., and in 1997 returned to the Federal Reserve as Vice Chairman.
He was elected to the Washington Academy of Sciences and has served as
Vice President of the American Economic Association, President of the
Eastern Economics Association, and President of the North American
Economics and Finance Association. Dr. Brimmer received his B.A. and M.A.
from the University of Washington and a Ph.D. in Economics from Harvard University. He was a Fulbright Scholar at the Delhi School of
Economics,

Benjamin Bernanke

Chairman of the Board of Governors of the Federal Reserve System,
since 2006, and Chairman of the Federal Open Market Committee, the
System’s principal monetary policy-making body. In 2001, he became Editor
of the American Economic Review. In 2002, he was appointed as a
member of the Federal Reserve Board, where he served until becoming
Chairman of the President’s Council of Economic Advisers, 2005–2006.
Before these appointments, he was a Professor of Economics at Princeton
University. Presiding during a period of economic turmoil, his Federal
Reserve chairmanship has been contentious. While many of his efforts have
been extolled, he has also shouldered criticism for the economy’s slow
recovery from the Great Recession of 2008. Dr. Bernanke received his B.A. from
Harvard University and Ph.D. from the Massachusetts Institute of
Technology.

Lester Chandler

Adviser to the federal government during World War II, valued for
his expertise in monetary policy. During the war, he was associated with
the rubber and chemical branches of the Office of Price Administration.
After the war he conducted research for the Congressional Subcommittee on
Monetary and Fiscal Policy of the Joint Economic Committee and became
Public Director and Deputy Chairman of the Board of Directors of the
Federal Reserve Bank of Philadelphia. He also had a distinguished
academic career, beginning at Dartmouth and Amherst Colleges, then at
Princeton University where he was twice Chairman of the Department of
Economics and served as Acting Director of Princeton's Woodrow Wilson
School of Public and International Affairs. Dr. Chandler received his
B.A. from the University of Missouri and Ph.D. in Economics from Yale
University.

Donald Kohn

Vice Chairman of the Board of Governors of the Federal Reserve
System, 2006–2010, and Member of the Board of Governors, 2002–2008.
Earlier, he served on the Board staff as Adviser to the Board for Monetary
Policy, Secretary of the Federal Open Market Committee, Director of the
Division of Monetary Affairs, and Deputy Staff Director for Monetary and
Financial Policy. He also held several positions in the Board’s Division
of Research and Statistics, including Associate Director and Chief of
Capital Markets. He has written extensively on issues related to monetary
policy and its implementation by the Federal Reserve, and his work has been published
in volumes issued by the Federal Reserve System, the Bank of England, the
Reserve Bank of Australia, the Bank of Japan, the Bank of Korea, the
National Bureau of Economic Research, and the Brookings Institution. Dr.
Kohn received his B.A. from The College of Wooster and Ph.D. in Economics
from the University of Michigan.

Unit 22

Alan Blinder

Member of President Bill Clinton’s Council of Economic Advisers,
1993–1994, and Vice Chairman of the Board of Governors of the Federal
Reserve System, 1994–1996. Earlier, he was one of the Congressional
Budget Office’s first officials, serving as Deputy Assistant Director in
1975. He teaches at Princeton University as the Gordon S. Rentschler
Memorial Professor of Economics and Public Affairs in the Economics
Department, and is Vice Chairman of The Observatory Group and Co-Director
of Princeton’s Center for Economic Policy Studies. He has authored and
co-authored 17 books and is a regular columnist for the Wall Street
Journal. He has served as President of the Eastern Economic
Association, Vice President of the American Economic Association, and on
the boards of the Council on Foreign Relations, the Bretton Woods
Committee, and the Bellagio Group. Dr. Blinder received his B.A. from
Princeton University, M.Sc. from the London School of Economics, and Ph.D.
from the Massachusetts Institute of Technology.

Alice Rivlin

Senior Fellow at the Brookings Institution and Member of President
Barack Obama’s 2010 Federal Debt Commission, known for her expertise on
fiscal and monetary policy. She was Director of the Congressional Budget
Office, Director of the Office of Management and Budget, and Vice Chair of
the Federal Reserve Board, 1996–1999. She also served as Chair of the
District of Columbia Financial Management Assistance Authority and
Welfare Assistant Secretary for Planning and Evaluation at the Department
of Health, Education, and Welfare. She received a MacArthur Foundation
Fellowship, has taught at Harvard University, George Mason University, and New School University,
and has served as President of the American Economic Association. She is
a frequent contributor to newspapers, television, and radio and has
written many books, including Systematic Thinking for Social Action,
Reviving the American Dream, and Beyond the Dot.coms (with
Robert Litan). Dr. Rivlin received her B.A. from Bryn Mawr College and
Ph.D. in Economics from Radcliffe College (Harvard University).

Paul Volcker

Chairman of the Board of Governors of the Federal Reserve System,
1979–1987, credited with leadership in ending a period of high and rising
inflation and restoring a base for sustained growth. Later, he became
chairman of the firm of James D. Wolfensohn, Inc., concentrating on
investment banking services to domestic and international organizations.
He served in the federal government for almost 30 years, in posts that
included President of the Federal Reserve Bank of New York and U.S.
Treasury Under Secretary for Monetary Affairs, where he developed and
implemented Treasury debt management and federal credit policies. In the
area of domestic finance, he initiated the auctioning of Treasury bonds,
an approach that has become customary in the United States and many other
countries. A former chairman of the Trilateral Commission, he serves on
many public and private boards, including the Group of Thirty,
International House, and the Financial Services Volunteer Corps. He is a
member of the Institute for International Economics and an overseer of
TIAA-CREF, the leading private retirement system in the United States. He
has taught at Princeton University and at the Stern School of Business at
New York University. Mr. Volcker received his B.A. from Princeton
University and M.A. in Political Economy and Government from Harvard
University and did postgraduate work at the London School of
Economics.

Stanley Fischer

Governor of the Bank of Israel and former U.S. adviser to Israel’s
economic stabilization program. He was Vice President of Development
Economics and Chief Economist at the World Bank, 1988–1990; First Deputy
Managing Director of the International Monetary Fund, 1994–2001; and then
served as Vice Chairman of Citigroup, President of Citigroup
International, and Head of the Public Sector Client Group. He is
co-author of two popular textbooks on macroeconomics. In 2010, he was
declared Central Bank Governor of the Year by Euromoney magazine.
Dr. Fischer received his B.Sci. and M.Sci. in Economics from the London
School of Economics and his Ph.D. in Economics from the Massachusetts
Institute of Technology.

Unit 23

Arthur Laffer

Economist known as “The Father of Supply-Side Economics” because of
his influence in shaping public policy during the 1980s, especially in
the realm of tax cuts. He is Founder and Chairman of Laffer Associates,
an economic research firm that provides global investment services, and
was also Founder of the Congressional Policy Advisory Board that helped
shape legislative policies for the 105th–107th U.S. Congresses. He
served as consultant to Secretary of the Treasury William Simon, Secretary
of Defense Donald Rumsfeld, and Secretary of the Treasury George Shultz,
and was Chief Economist at the Office of Management and Budget and a
member of President Reagan’s Economic Policy Advisory Board, 1981–1989.
He is famous for inventing the “Laffer Curve,” deemed by Time magazine
“one of the few advances that powered this extraordinary century.” He
has taught at Pepperdine University, the University of Southern
California, and the University of Chicago. Dr. Laffer received his B.A. from Yale
University and M.B.A. and Ph.D. in Economics from Stanford University.

Edward F. Denison

Pioneer in the development of the U.S. National Income and Product
Accounts, with an international reputation as the originator of “growth
accounting,” the identification and quantification of the sources of
growth in real national income/product. He held many public and private
sector posts, including Acting Chief of the National Income Division of
the Bureau of Foreign and Domestic Commerce, Assistant Director and Chief
Economist of the Office of Business Economics, and Member of the Committee
for Economic Development (CED). At CED, he produced studies of the
sources of economic growth and policies to promote growth, published in
the landmark 1962 CED report The Sources of Economic Growth in the
United States and the Alternatives Before Us. At the Brookings
Institution, he applied his growth-accounting methodology in Why Growth
Rates Differ and How Japan's Economy Grew So Fast. Dr. Denison
received his B.A. from Oberlin College and Ph.D. in Economics from Brown
University.

Mark Doms

Chief Economist for the U.S. Department of Commerce, since 2010,
and former Senior Economist at the Federal Reserve Bank of San Francisco.
He has wide experience with economic and policy analysis on a range of
topics, including the effects of technology adoption and innovation on
firm productivity and on housing market changes. He also spent time at
the Organization for Economic Co-operation and Development, and in the
early 1990s worked at the Center for Economic Studies at the U.S. Census Bureau. Dr. Doms
received his B.A. from the University of Maryland and Ph.D. in Economics
from the University of Wisconsin.

Unit 24

Alice Rivlin

Senior Fellow at the Brookings Institution and Member of President
Barack Obama’s 2010 Federal Debt Commission, known for her expertise
on fiscal and monetary policy. She was Director of the Congressional
Budget Office, Director of the Office of Management and Budget, and Vice
Chair of the Federal Reserve Board, 1996–1999. She also served as Chair
of the District of Columbia Financial Management Assistance Authority and
Welfare Assistant Secretary for Planning and Evaluation at the Department
of Health, Education, and Welfare. She received a MacArthur Foundation
Fellowship, has taught at Harvard University, George Mason University, and New School University,
and has served as President of the American Economic Association. She is
a frequent contributor to newspapers, television, and radio and has
written many books, including Systematic Thinking for Social Action,
Reviving the American Dream, and Beyond the Dot.coms (with
Robert Litan). Dr. Rivlin received her B.A. from Bryn Mawr College and
Ph.D. in Economics from Radcliffe College (Harvard University).

Alan Simpson

U.S. Senator from Wyoming, 1979–1997, and Co-Chair of President
Barack Obama’s 2010 National Commission on Fiscal Responsibility and
Reform. A Republican opponent of government regulation, he has at the
same time defended women’s “right to choose,” gay and lesbian rights, and
equality for all persons regardless of race, color, creed, gender, or
sexual orientation. He was Republican whip, 1985–1995, and Chairman of
the Veterans’ Affairs Committee, 1981–1987 and 1995–1997. He also chaired
the Immigration and Refugee Subcommittee of the Judiciary Committee, the Nuclear
Regulation Subcommittee, the Social Security Subcommittee, and the
Committee on Aging. After retiring from politics, he taught at Harvard
University’s John F. Kennedy School of Government, serving two years as
Director of the Institute of Politics, then returned to Wyoming to
practice law. Senator Simpson received his B.A. and J.D. from the
University of Wyoming.

Charles L. Schultze

Public policy analyst and Senior Fellow Emeritus of the Economic
Studies Program at the Brookings Institution since 1977. Earlier he
served as Associate Director and Director of the United States Bureau of
the Budget under Presidents John F. Kennedy and Lyndon B. Johnson, and was
Chairman of President Jimmy Carter’s Council of Economic Advisers,
1977–1980. He was also President of the American Economic Association and
Member of the Economic Advisory Board at Warburg Pincus LLC. He has
taught economics at the University of Maryland and at Indiana University.
Dr. Schultze received his B.A. and M.A. from Georgetown University and
Ph.D. in Economics from the University of Maryland.

Raymond Saulnier

Chairman of the Council of Economic Advisers (CEA) under President
Dwight D. Eisenhower. Earlier, he was the Director of the Financial
Research Program at the National Bureau of Economic Research, where he
invoked the usage of government-developed “economic indicators”
(statistics about the economy). While at the CEA, he co-wrote a brief
that led to the termination of the 1959 steel industry strike held by the
United Steelworkers of America. From 1944 to 1973, he was also a
professor at Columbia University/Barnard College. He wrote three books, including
Contemporary Monetary Theory. His articles were published in The
Conservative Papers, The Republican Papers, and Fortune magazine, and by
several university presses. Dr. Saulnier received his B.A. from
Middlebury College, M.A. from Tufts University, and Ph.D. in Economics from
Columbia University.

Unit 25

Henry S. Reuss

U.S. Congressman from Wisconsin, 1955–1983, a staunch Democrat
known for his progressive stands on a wide range of issues. He fought for
increased transparency in banking, an inquiry into Watergate, and
strategies to check President Ronald Reagan’s economic polices. He was
the first in Congress to propose what became the Peace Corps. An early
proponent of environmental protection, he took action against 149
Wisconsin companies for pollution and authored legislation to establish
the Ice Age National Scenic Trail. In his 1999 book, When Government
Was Good: Memories of a Life in Politics, he argued that a golden age
in politics existed from 1948 to 1968, when the nation proved that it
could achieve full employment, secure civil rights, and prevent nuclear
war. In World War II, he won a Bronze Star as an infantryman and after
the war served as deputy general counsel for the Marshall Plan. Mr. Reuss
received his B.A. from Cornell University and L.L.B. from Harvard Law
School.

Milton Friedman

Winner of the 1976 Nobel Prize in Economics for “his achievements
in the field of consumption analysis, monetary history, and theory, and for
his demonstration of the complexity of stabilization policy.” From his
lifetime base at the University of Chicago, he did trailblazing work on
price theory—the theory that explains how prices are determined in
individual markets—and “monetarism.” He defied Keynes and most of the
academic establishment of the time, resurrecting the quantity theory of
money—the idea that the price level depends on the money supply. His
solution to the problems of inflation and short-run fluctuations in
employment and real GNP was a so-called money-supply rule, which stated
that if the Federal Reserve Board were required to increase the money
supply at the same rate as real GNP increased, inflation would disappear.
He also argued that keeping unemployment permanently lower would require a
permanently accelerating inflation rate. He wrote many texts, including
Income from Independent Professional Practice; A Theory of the
Consumption Function; Studies in the Quantity Theory of Money; Capitalism
and Freedom; Free to Choose (which accompanied a PBS television
series); and A Monetary History of the United States, 1867–1960.
After retiring from the University of Chicago in 1977, he became a Senior
Research Fellow at the Hoover Institution at Stanford University. Dr.
Friedman received his B.A. from Rutgers University, M.A. from the
University of Chicago, and Ph.D. from Columbia University.

Robert C. Holland

Economist appointed to the Federal Reserve Board by President
Richard Nixon in 1973, serving as Secretary to the Board of Governors from
1973 to 1976. Until 1990, he was President of the Committee for
Economic Development, a nonprofit Washington organization devoted to the
study of public policy. Earlier, he was a Senior Fellow at the Center for
Advanced Studies in Management at the Wharton School, President and Senior
Economic Consultant at the Committee for Economic Development, and Vice
President of the Federal Reserve Bank, Chicago. He has spoken and written
extensively on banking, finance, and economic development. Dr. Holland
attended college in Kansas City and received his Ph.D. in Economics.

Donald Kohn

Vice Chairman of the Board of Governors of the Federal Reserve
System, 2006–2010, and Member of the Board of Governors, 2002–2008.
Earlier, he served on the Board staff as Adviser to the Board for Monetary
Policy, Secretary of the Federal Open Market Committee, Director of the
Division of Monetary Affairs, and Deputy Staff Director for Monetary and
Financial Policy. He also held several positions in the Board's Division
of Research and Statistics, including Associate Director and Chief of
Capital Markets. He has written extensively on issues related to monetary
policy and its implementation by the Federal Reserve; his work has been published
in volumes issued by the Federal Reserve System, the Bank of England, the
Reserve Bank of Australia, the Bank of Japan, the Bank of Korea, the
National Bureau of Economic Research, and the Brookings Institution. Dr.
Kohn received his B.A. from The College of Wooster and Ph.D. in Economics
from the University of Michigan.

Frederick H. Schultz

Private Investor, owner of Schultz Investments, Vice Chairman of
the Board of Governors of the Federal Reserve System, 1979–1982, and
member of the Florida House of Representatives, 1963–1970. He served in
the U.S. Army, 1952–1954, and was employed by the Barnett Bank of
Jacksonville, Florida, 1956–1957. He also served as Chairman of the
Board of Barnett Investment Services, Inc., and as a Director of a number
of private companies and banks, including Transco Energy Company, the
American Heritage Life Insurance Co., Riverside Group, Inc., Family Steak
Houses of Florida and Southeast Atlantic Corp, Wickes, Inc., and Barnett
Banks, Inc. Mr. Schultz received his B.A. from Princeton University. He attended the University of Florida College of Law, graduating with his law degree in 1956.

Unit 26

Douglas Elliot

Fellow at the Brookings Institution, specializing in the regulation
of financial institutions and markets. A financial institutions
investment banker for two decades, principally at J.P. Morgan, he was the
founder and principal researcher for the Center on Federal Financial
Institutions. He has researched financial institutions or worked directly
with them as clients in a range of capacities, including as an equities
analyst, credit analyst, mergers and acquisitions specialist,
relationship officer, and specialist in securitizations. His work
encompasses banks, insurers, funds management firms, and other financial
institutions. Mr. Elliott received an A.B. in Sociology from Harvard
College and an M.A. in Computer Science from Duke University.

Beryl Sprinkel

Chairman of the U.S. Council of Economic Advisers under President
Ronald Reagan and author or co-author of many articles and books that
discuss effects of monetary policy on financial markets and the economy.
He was Executive Vice President at the Harris Trust and Savings Bank of
Chicago and a consultant to Congressional committees and government
agencies, including four years as Under Secretary of the Treasury for
Monetary Affairs. He also taught economics and finance at the University
of Missouri School of Business and Public Administration and the
University of Chicago Booth School of Business. He has been a member of
Time magazine’s board of economists, Chairman of the Economic Advisory
Committee of the American Bankers Association, a member of the Board of
Directors of the U.S. Chamber of Commerce, and a founding member of the
Shadow Open Market Committee. Dr. Sprinkel received his B.S. in Public
Administration and B.S. in Economics at the University of Missouri and
M.B.A. and Ph.D. in Economics from the University of Chicago.

Frederick H. Schultz

Private Investor, owner of Schultz Investments, Vice Chairman of
the Board of Governors of the Federal Reserve System, 1979–1982, and
member of the Florida House of Representatives, 1963–1970. He served in
the U.S. Army, 1952–1954, and was employed by the Barnett Bank of
Jacksonville, Florida, 1956–1957. He also served as Chairman of the
Board of Barnett Investment Services, Inc., and as a Director of a number
of private companies and banks, including Transco Energy Company, the
American Heritage Life Insurance Co., Riverside Group, Inc., Family Steak
Houses of Florida and Southeast Atlantic Corp, Wickes, Inc., and Barnett
Banks, Inc. Mr. Schultz received his B.A. from Princeton University. He attended the University of Florida College of Law, graduating with his law degree in 1956.

Martin Feldstein

Professor of Economics at Harvard University, President Emeritus of
the National Bureau of Economic Research, and President Ronald Reagan’s
Chairman of the Council of Economic Advisers. President George W. Bush
appointed him a member of the President’s Foreign Intelligence Advisory
Board, and, in 2009, President Barack Obama appointed him a member of the
President's Economic Recovery Advisory Board. He is a member of the
American Philosophical Society, a Fellow of the Econometric Society, and a
Fellow of the National Association of Business Economics. He is also a
Trustee of the Council on Foreign Relations and a member of the Trilateral
Commission, the Group of Thirty, the American Academy of Arts and Sciences,
and the Council of Academic Advisors of the American Enterprise Institute.
He is author of more than 300 research articles in economics and a
regular contributor to the Wall Street Journal and other
publications. Dr. Feldstein received his B.A. from Harvard University
and B.Litt. and D.Phil. from the University of Oxford.

Karen Petrou

Co-founder and Managing Partner of Federal Financial Analytics,
Inc., a privately held company that provides analytical and advisory
services on legislative, regulatory, and public-policy issues affecting
financial services companies doing business in the U.S. and abroad. She
is a frequent speaker on topics affecting the financial services industry.
In addition to presentations to Congress and government agencies, she has
spoken before the American Bankers Association, the Financial Services
Roundtable, the American Bar Association, the Brookings Institution, the
American Institute of Certified Public Accountants, the National
Association of Manufacturers, and many other groups. She has also
authored many articles in publications such as American Banker, Bankers
Magazine,and International Economy,, as well as general-interest
media like the New York Times and the Wall Street Journal. Ms.
Petrou received her B.A. from Wellesley and M.A. in Political Science from
the University of California at Berkeley, where she was also a doctoral
candidate.

Unit 27

John Dingell, Jr.

Dean of the U.S. House of Representatives and currently its
longest-serving member, having been a U.S. Congressman from Michigan since
1955. Earlier, he served as a research assistant to United States Circuit
Judge Theodore Levin and as Assistant Prosecuting Attorney of Wayne
County, Michigan. He was elected as a Democrat to the Eighty-fourth
Congress by special election to fill the vacancy caused by the death of
his father, Representative John D. Dingell, Sr. In Congress, he has
served as Chair of the Committee on Energy and Commerce and on the
Subcommittee on Commerce, Manufacturing, and Trade. He has also served on
the Subcommittee on Communications and Technology, the Subcommittee on
Energy and Power, and the Subcommittee on Environment and Economy. He
attended Capitol Page School in Washington, D.C., and was a page in the
House of Representatives from 1938 to 1943, prior to his service in the
U.S. Army during World War II. He received his B.S. from Georgetown
University and J.D. from Georgetown University Law School.

Luis De la Calle

Managing Director and founding partner of De la Calle, Madrazo,
Mancera, S.C. (CMM), specializing in international trade. He also
teaches at the Instituto Tecnológico Autónomo de México (ITAM). Prior to
joining the private sector, he served as Under Secretary for International
Trade Negotiations in Mexico’s Ministry of the Economy, under former
presidents Vicente Fox and Ernesto Zedillo, negotiating several of
Mexico’s bilateral free trade agreements and regional and multilateral
agreements with the World Trade Organization. He also served as Executive
Secretary of the National Foreign Investment Commission, Trade and NAFTA
Minister at the Mexican Embassy in Washington, D.C., and Country Economist
for the Czech and Slovak Republics and Poland. He has many publications
and writes a biweekly column for the Mexican daily El Universal. Dr. De
la Calle received his Ph.D. in Economics from the University of
Virginia.

William A. Brock

U.S. Senator from Tennessee, 1971–1977, Congressman from Tennessee,
1963–1971, and U.S. Trade Representative and Secretary of Labor under
Ronald Reagan. He resigned his cabinet post to become Chairman of the
Republican National Committee, 1977–1981. In the Senate, Brock was a
favorite of the conservative movement, and he continued in Republican
politics, after he lost his bid for re-election to the Senate, to become
the campaign manager for Senator Bob Dole’s presidential campaign. He
then became a consultant in the Washington, D.C., area and ran
unsuccessfully for the Senate, from Maryland, in 1994. Mr. Brock received
his B.A. from Washington and Lee University.

Unit 28

Edward M. Bernstein

Principal Economist for the U.S. Treasury, 1940–1946, during which
time he also served as Assistant Director of the Monetary Research
Division and Assistant to the Secretary of the U.S. Treasury Department.
In 1944, he was Chief Technical Advisor and Executive Secretary to the
U.S. Delegation to the Bretton Woods Conference. From 1946 to 1958, he
was Director of the International Monetary Fund’s Research Department.
Later, he founded EMB (Ltd.) Research Economists, an international
monetary research firm. He retired as president of EMB in 1981 and in
1982 took up the position of Guest Scholar at the Brookings Institution.
He also taught economics at North Carolina State University and the
University of North Carolina. Dr. Bernstein received his Ph.B. from the
University of Chicago and Ph.D. from Harvard University.

Joan Spero

Under Secretary of State for Foreign and Agricultural Affairs,
under President Bill Clinton, and United States Ambassador to the United
Nations Economic and Social Council, 1980–1981. She is a Director of the
Council on Foreign Relations, a Trustee of Columbia University and the
Brookings Institution, and a member of the Trilateral Commission, the
Atlantic Institute, and the American Academy of Diplomacy. She served as
president of the Duke Farms Foundation and the Doris Duke Foundation for
Islamic Art and became an IBM director in 2004. She has authored several
books, many articles in professional journals, and is active in
professional associations in foreign affairs and economics. She is also a
member of the Academy of American Ambassadors, the Academy of Diplomacy,
and the American Philosophical Society. Dr. Spero received her B.A. from
the University of Wisconsin and M.A. and Ph.D. in International Affairs
from Columbia University.

Marina Von Neuman Whitman

Professor of Business Administration and Public Policy at the
University of Michigan since 1992, and Senior Staff Economist to the
Council of Economic Advisers, 1970–1971. She has also been a Director
at the Council of Foreign Relations, Vice-President and Chief Economist at
General Motors Corp., and Group Executive for Public Affairs. She
lectured in economics at the University of Pittsburgh, where she became
the Distinguished Public Service Professor of Economics. Ms. Von Neuman
Whitman received her B.A. from Radcliffe College and M.A. from Columbia
University.